Events Calendar - Jaime M. Kiehn, CFA

Title

Jaime M. Kiehn, CFA - Putnam Investments

Event Location

The Hope Club

www.hopeclub.com

6 Benevolent Street
Providence, RI 02906

Start Time

3/16/2010 12:00 PM

End Time

3/16/2010 1:30 PM

Speaker

Jaime M. Kiehn, CFA

Ms. Kiehn is a Vice President and Investment Product Manager dedicated to Putnam’s Fixed Income products. She
is responsible for developing and launching new products, defining product messaging for existing products, and
gathering market intelligence on trends in the global institutional marketplace. Ms. Kiehn, a CFA charterholder,
hold her Series 7 and 63 licenses with FINRA. She has been in the investment industry since she joined Putnam in
2002.

Event Details

Topic: Current Opportunities in the Fixed Income Markets

Putnam is one of the leading firms in mortgage security investing. Specifically, many investors / advisors are looking for the best way to pursue current and future opportunities in fixed income markets and, in particular, how to target mortgage-backed securities that currently offer attractive total return and yield potential. A few areas where we have been finding value are:

· Liquidity strategy/distressed CMBS. The funds hold AAA-rated commercial mortgage-backed securities (CMBS) that reached distressed price levels during the liquidity crisis of 2008 and early 2009, and have rallied strongly with the market recovery and expansion of the TALF program. This strategy can benefit from private capital re-entering the mortgage sectors, and from simply the passage of time as the securities approach maturity.

· Mortgage credit strategy/distressed RMBS. The funds hold carefully chosen, very senior non-agency residential mortgage-backed securities (RMBS) with distressed prices and subordination features that we believe help to protect them from deteriorating housing values. This strategy can benefit from rising home prices, easing flow of credit, and overall economic strength.

· Prepayment strategy. The funds have a focus on agency-backed interest-only (IO) CMO securities. With the housing market remaining weak, mortgage prepayments remain low and cash flows from IOs stretch out over a longer-than-expected horizon. This strategy can benefit from falling home prices, rising interest rates, and overall economic weakness.

Providence Society of Financial Analysts